₦airaland Forum

AntiWailer:
You obviously are not reading or u probably lack understanding.

if you have 8 problems affecting you and make effort to take out 1 will it work ? will it be a divert of attention. ?

will your issue disappear. ?

End of debate!

I don't do insults

You obviously lack decorum

Esseite:
AbokiFX was a major problem... when they were churning out rates, the Fx rate was increasing every 6hrs despite the CBN pumping scarce FX into the system.

Now the CBN has stopped supplying dollar to the BDC, the BTA Fx is gotten with so much scrutiny, yet the Naira has refused to fall further, while little gains are trickling in..

The bargaining power returned to the people..

But we can still fix it better...

What you said here .. hmmmmmmmmm CBN should go and negotiate with BDC operators .. so they can stabilize the market..

AntiWailer:
Nobody expected Naira to rise just by shutting AbokiFX down. If you believed that, you are either ignorant, mischievous or just a victim of picking common thoughts on the street.

For Naira to rise, we need to manufacture and export. Reduce imports drastically and reduce our reliance on dollars then the basic Economics of Demand and Supply will kick in on the price.

The problem AbokiFX bring is speculation issues. it is one of the problems and others would be tackled accordingly. There are about 7 other reasons to be tackled.
1. Inflation rate.
2. Interest rate.
3. trade balance.
4. Government debt
5. Terms of trade
6. Political and stability of performance.
7. Recession
8. Speculations.

If you observe the list closely you will discover that the Govt's failure is responsible for majority of them and that is why there is no hope anytime soon. The decision which is a right decision no doubt, at best took care of only item 8. the 7 other monsters must be dealt with.

Many people asked several questions around where AbokiFX get their data from. There was no sensible answer.

Also a lot of people rely on AbokiFX to make decisions on how much they will buy or sell their dollars so let us take an example.

If AbokiFX continues operations and all of a sudden post #750 to 1 dollar (recall we don't have any logic behind the price they post), thousands of people who use AbokiFX to av an idea of how much they will sell will definitely not sell at 450 right ?

Even if people say they are mad, they will not sell cos they believed if AbokiFX says 750, it is likely close. The refusal to sell automatically impacts supply while the demand for dollars keep going up, price will definitely rise at a rate not steady.


Please note that this is highly intellectual. I will try and reply every mention.

If u don't understand, I can forgive you but if your response is only insult because it is too much for your capacity to think, i can also forgive you but will likely ignore you.

I agree it is not every time posts would be interesting like Squid Game or Tonto Dike vs Kpopo.

thank you brother. Thank you for your logical explanation.
May God bless you abundantly.

ybalogs:
Not knowing where the problem lies is a bigger problem and that's what we're experiencing right now. Why is Naira falling? Just get to know the reason and sincerely work towards fixing that but are we even sincere in this sphere?

abokifx contributed greatly to it. Their speculation were not helping atalll..

Minjim:
Well, we have different ways

I like to take on major problems first. I can even live with the minor ones

Some take out what they call "low hanging fruits". Problems u can quickly tackle.

and it is in order.

udemzyudex:
I understand this your sarcastic post.

there's no sarcasm in his post. Abokifx was a problem. No lies.

AntiWailer:
Nobody expected Naira to rise just by shutting AbokiFX down. If you believed that, you are either ignorant, mischievous or just a victim of picking common thoughts on the street.

For Naira to rise, we need to manufacture and export. Reduce imports drastically and reduce our reliance on dollars then the basic Economics of Demand and Supply will kick in on the price.

The problem AbokiFX bring is speculation issues. it is one of the problems and others would be tackled accordingly. There are about 7 other reasons to be tackled.
1. Inflation rate.
2. Interest rate.
3. trade balance.
4. Government debt
5. Terms of trade
6. Political and stability of performance.
7. Recession
8. Speculations.

If you observe the list closely you will discover that the Govt's failure is responsible for majority of them and that is why there is no hope anytime soon. The decision which is a right decision no doubt, at best took care of only item 8. the 7 other monsters must be dealt with.

Many people asked several questions around where AbokiFX get their data from. There was no sensible answer.

Also a lot of people rely on AbokiFX to make decisions on how much they will buy or sell their dollars so let us take an example.

If AbokiFX continues operations and all of a sudden post #750 to 1 dollar (recall we don't have any logic behind the price they post), thousands of people who use AbokiFX to av an idea of how much they will sell will definitely not sell at 450 right ?

Even if people say they are mad, they will not sell cos they believed if AbokiFX says 750, it is likely close. The refusal to sell automatically impacts supply while the demand for dollars keep going up, price will definitely rise at a rate not steady.


Please note that this is highly intellectual. I will try and reply every mention.

If u don't understand, I can forgive you but if your response is only insult because it is too much for your capacity to think, i can also forgive you but will likely ignore you.

I agree it is not every time posts would be interesting like Squid Game or Tonto Dike vs Kpopo.

I can't agreed less the dollar by today would have skyrocketed to all time high above the current rate. The shut down was able to stop further damage to the Naira.


Little wonder where Abokifx gets it's data. Let him tell us the parameters use, so then we can believe is isn't speculation.

Donaluta:
What you said here .. hmmmmmmmmm CBN should go and negotiate with BDC operators .. so they can stabilize the market..

Not at all... atleast with this, we can have different rates in different locations.. the laws of demand and supply would naturally take effect properly and not a website dictating standard prices. Which is why the rates are dropping gradually.

Minjim:
End of debate!

I don't do insults

You obviously lack decorum

so upon all his explanations you still lack the brain to comprehend? Check, a lot of people viewed and learned but your brain has refused to work.

Minjim:
End of debate!

I don't do insults

You obviously lack decorum

You were not debating.

You lacking understanding on a topic is not insult, it is just ur ego getting a better part of you.

You have never faulted any of my argument, you only ended up with if you have multiple problems u will tackle major ones first while u dont care if minor ones becomes major later.

AbokiFX is one of the speculators, CBN need to still find solution to others. The current stability in parallel market is just temporary, other speculators may soon start after a month or two.

CBN should drive eyeballs to their official page for people to have trust in exchange rates.

I concur other 7 monsters should be addressed AQAP.

AntiWailer:
Nobody expected Naira to rise just by shutting AbokiFX down. If you believed that, you are either ignorant, mischievous or just a victim of picking common thoughts on the street.

For Naira to rise, we need to manufacture and export. Reduce imports drastically and reduce our reliance on dollars then the basic Economics of Demand and Supply will kick in on the price.

The problem AbokiFX bring is speculation issues. it is one of the problems and others would be tackled accordingly. There are about 7 other reasons to be tackled.
1. Inflation rate.
2. Interest rate.
3. trade balance.
4. Government debt
5. Terms of trade
6. Political and stability of performance.
7. Recession
8. Speculations.

If you observe the list closely you will discover that the Govt's failure is responsible for majority of them and that is why there is no hope anytime soon. The decision which is a right decision no doubt, at best took care of only item 8. the 7 other monsters must be dealt with.

Many people asked several questions around where AbokiFX get their data from. There was no sensible answer.

Also a lot of people rely on AbokiFX to make decisions on how much they will buy or sell their dollars so let us take an example.

If AbokiFX continues operations and all of a sudden post #750 to 1 dollar (recall we don't have any logic behind the price they post), thousands of people who use AbokiFX to av an idea of how much they will sell will definitely not sell at 450 right ?

Even if people say they are mad, they will not sell cos they believed if AbokiFX says 750, it is likely close. The refusal to sell automatically impacts supply while the demand for dollars keep going up, price will definitely rise at a rate not steady.


Please note that this is highly intellectual. I will try and reply every mention.

If u don't understand, I can forgive you but if your response is only insult because it is too much for your capacity to think, i can also forgive you but will likely ignore you.

I agree it is not every time posts would be interesting like Squid Game or Tonto Dike vs Kpopo.

defash8:
AbokiFX is one of the speculators, CBN need to still find solution to others. The current stability in parallel market is just temporary, other speculators may soon start after a month or two.

CBN should drive eyeballs to their official page for people to have trust in exchange rates.

I concur other 7 monsters should be addressed AQAP.

i agree with you.

jumper524:
thank you brother. Thank you for your logical explanation.
May God bless you abundantly.

You are welcome.

Amen and you too.

HeadNigga:
there's no sarcasm in his post. Abokifx was a problem. No lies.

so you're one of those that believed Abokifx was the issue?

Chai, how if I may ask?

/
Nigeria has no bargaining power in the global arena. Therefore, her economy is inconsequential. There is a big confusion in the fiscal and monetary policies of Buhari government. Presently, Nigeria is on autopilot.
It is sad that Nigeria is so grossly import-dependent that it cannot feed her citizens. Denial will not solve the problem.

Buhari till 2050! The second coming of Buhari mimicks his military junta in 1984. The same mistakes, the same promises, the same blame games.

/

AntiWailer:
BDC operations was officially transfered to banks by CBN.

So tell me what is UP in BDC operations right now if CBN refused to license, return money for the people in the process of getting approval,

Bro just say CBN is not dealing with them directly again, instead of saying they are not in operation.

AutoReportNG:
You call this dumb? If only you knew the havoc abokifx is doing you will celebrate this move.. Next is shut down the website

alizma:
You don't know how their action can work against the CBN measures to bring the rate down.
About 80% of the people using the black market get information on the rate from their site, now that BDC has been stopped, it is illegal for them to continue to post rate for the business they are not allowed to run again but unfortunately this guys can use their platform to create artificial rise in the rate which will eventually create rush among the buyers and before you know it, the artificial rate becomes the actual rate on the street (black market).
The only rate that should be publish is the bank rate, whatever you get your own outside is your own business which you can share as an individual but not as an organized body.

lwisee:
Good move, most people sit behind their laptops, check the exchange rate on abokifx before giving you quotations.
The next thing you hear is 'Oga everything is expensive now ooo
Even 1 dollar is now N560 I swear, you can check abokifx'

Government need to shutdown the website as well.

All these foolish people supporting nonsense how far?

udemzyudex:
so you're one of those that believed Abokifx was the issue?

Chai, how if I may ask?

there are explanations to this effect already on this thread, one of which you called sarcasm. Go back and read what you called sarcasm with an open mind.

AntiWailer:
Nobody expected Naira to rise just by shutting AbokiFX down. If you believed that, you are either ignorant, mischievous or just a victim of picking common thoughts on the street.

For Naira to rise, we need to manufacture and export. Reduce imports drastically and reduce our reliance on dollars then the basic Economics of Demand and Supply will kick in on the price.

The problem AbokiFX bring is speculation issues. it is one of the problems and others would be tackled accordingly. There are about 7 other reasons to be tackled.
1. Inflation rate.
2. Interest rate.
3. trade balance.
4. Government debt
5. Terms of trade
6. Political and stability of performance.
7. Recession
8. Speculations.

If you observe the list closely you will discover that the Govt's failure is responsible for majority of them and that is why there is no hope anytime soon. The decision which is a right decision no doubt, at best took care of only item 8. the 7 other monsters must be dealt with.

Many people asked several questions around where AbokiFX get their data from. There was no sensible answer.

Also a lot of people rely on AbokiFX to make decisions on how much they will buy or sell their dollars so let us take an example.

If AbokiFX continues operations and all of a sudden post #750 to 1 dollar (recall we don't have any logic behind the price they post), thousands of people who use AbokiFX to av an idea of how much they will sell will definitely not sell at 450 right ?

Even if people say they are mad, they will not sell cos they believed if AbokiFX says 750, it is likely close. The refusal to sell automatically impacts supply while the demand for dollars keep going up, price will definitely rise at a rate not steady.


Please note that this is highly intellectual. I will try and reply every mention.

If u don't understand, I can forgive you but if your response is only insult because it is too much for your capacity to think, i can also forgive you but will likely ignore you.

I agree it is not every time posts would be interesting like Squid Game or Tonto Dike vs Kpopo.

Look at all the clowns I quoted who said abokifx was the cause of our high exchange rates and shutting them down would fix it.

https://www.nairaland.com/6806158/one-month-after-abokifx-shutdown/2#106805006

udemzyudex:
Bro just say CBN is not dealing with them directly again, instead of saying they are not in operation.

Ok I will consider that but like i said, If somebody gave me a license to operate and stop dealing with me.

Am i still in operation ? i guess i am just on my own doing my thing.

Meaning anybody can open a 'BDC' shop in quote cos no license or anything is involved again.

Most clueless government ever

AntiWailer, keep in mind that the CBN didn't shut down the site, but Emefiele made it look as if they were the architect behind Nigeria's FX problem. AbokiFX stopped posting their rates because of these baseless accusations and witch-hunt.

The question you and I should be asking is, "Why hasn't the exchange rate dropped significantly since AbokiFX stopped posting its rate?" Like you noted, Nigeria's FX issues are by far beyond AbokiFX.

For some of us, what we now have to do is call a couple of BDC operators to know their rates before selling instead of getting the harmonized parallel market rate from AbokiFX.

Continue

SmartPolician:
AntiWailer, keep in mind that the CBN didn't shut down the site, but Emefiele made it look as if they were the architect behind Nigeria's FX problem. AbokiFX stopped posting their rates because of these baseless accusations and witch-hunt.

The question you and I should be asking is, "Why hasn't the exchange rate dropped significantly since AbokiFX stopped posting its rate?" Like you noted, Nigeria's FX issues are by far beyond AbokiFX.

For some of us, what we now have to do is call a couple of BDC operators to know their rates before selling instead of getting the harmonized parallel market rate from AbokiFX.

CBN went after them with Federal might, they had no option than to stop posting. The owners have ties to Nigeria and the Government will mess them up.

You and I will not be asking a question I already tackled. I mentioned in my original post that 7 other monsters need to be dealt with.
i mentioned that Government is MAJORLY responsible for the problem. You sounded as though you did not see 7 others as stated earlier.

So for you that want to sell if a BDC says 900 naira to 1 dollar, u start looking for who to sell to at 895 right. ? About the harmonized parrallel rate, it is good for you but not for everybody.

Aptly explained.

What they were accused of does not work in Nigeria besides what AbokiFx publishes were based on transactions people carried at different times of the day. This was very accurate with error margins at +/- 10 or lower.

CBN is just being reactive. The people are in a state of panic and as such any amount of USD pumped into the market are mopped up as fast as possible no matter the rate. This will continue to be the trend until people can walk into the banks or BDCs to buy forex for any quantity without scrutiny unhindered.

I wonder why it is so hard for CBN to realize this. We all see this happen with fuel scarcity naa. People panic buy fuel because they don't know when next they will get some. Immediately they see no queue at the stations, they stop panic buying and things become normalized. It is then you start seeing station attendants hustling drivers to come and buy fuel and or stations reduce their prices. Simpu sturve if you ask me.

AntiWailer:
Nobody expected Naira to rise just by shutting AbokiFX down. If you believed that, you are either ignorant, mischievous or just a victim of picking common thoughts on the street.

For Naira to rise, we need to manufacture and export. Reduce imports drastically and reduce our reliance on dollars then the basic Economics of Demand and Supply will kick in on the price.

The problem AbokiFX bring is speculation issues. it is one of the problems and others would be tackled accordingly. There are about 7 other reasons to be tackled.
1. Inflation rate.
2. Interest rate.
3. trade balance.
4. Government debt
5. Terms of trade
6. Political and stability of performance.
7. Recession
8. Speculations.

If you observe the list closely you will discover that the Govt's failure is responsible for majority of them and that is why there is no hope anytime soon. The decision which is a right decision no doubt, at best took care of only item 8. the 7 other monsters must be dealt with.

Many people asked several questions around where AbokiFX get their data from. There was no sensible answer.

Also a lot of people rely on AbokiFX to make decisions on how much they will buy or sell their dollars so let us take an example.

If AbokiFX continues operations and all of a sudden post #750 to 1 dollar (recall we don't have any logic behind the price they post), thousands of people who use AbokiFX to av an idea of how much they will sell will definitely not sell at 450 right ?

Even if people say they are mad, they will not sell cos they believed if AbokiFX says 750, it is likely close. The refusal to sell automatically impacts supply while the demand for dollars keep going up, price will definitely rise at a rate not steady.


Please note that this is highly intellectual. I will try and reply every mention.

If u don't understand, I can forgive you but if your response is only insult because it is too much for your capacity to think, i can also forgive you but will likely ignore you.

I agree it is not every time posts would be interesting like Squid Game or Tonto Dike vs Kpopo.

AntiWailer:
Nobody expected Naira to rise just by shutting AbokiFX down. If you believed that, you are either ignorant, mischievous or just a victim of picking common thoughts on the street.

For Naira to rise, we need to manufacture and export. Reduce imports drastically and reduce our reliance on dollars then the basic Economics of Demand and Supply will kick in on the price.

The problem AbokiFX bring is speculation issues. it is one of the problems and others would be tackled accordingly. There are about 7 other reasons to be tackled.
1. Inflation rate.
2. Interest rate.
3. trade balance.
4. Government debt
5. Terms of trade
6. Political and stability of performance.
7. Recession
8. Speculations.

If you observe the list closely you will discover that the Govt's failure is responsible for majority of them and that is why there is no hope anytime soon. The decision which is a right decision no doubt, at best took care of only item 8. the 7 other monsters must be dealt with.

Many people asked several questions around where AbokiFX get their data from. There was no sensible answer.

Also a lot of people rely on AbokiFX to make decisions on how much they will buy or sell their dollars so let us take an example.

If AbokiFX continues operations and all of a sudden post #750 to 1 dollar (recall we don't have any logic behind the price they post), thousands of people who use AbokiFX to av an idea of how much they will sell will definitely not sell at 450 right ?

Even if people say they are mad, they will not sell cos they believed if AbokiFX says 750, it is likely close. The refusal to sell automatically impacts supply while the demand for dollars keep going up, price will definitely rise at a rate not steady.


Please note that this is highly intellectual. I will try and reply every mention.

If u don't understand, I can forgive you but if your response is only insult because it is too much for your capacity to think, i can also forgive you but will likely ignore you.

I agree it is not every time posts would be interesting like Squid Game or Tonto Dike vs Kpopo.

This insight was so needed...

Thank you so much for stating the fact...

A very brilliant comment

IbrahimSkiba:
This insight was so needed...

Thank you so much for stating the fact...

A very brilliant comment

Thank you for the feedback.

bigtt76:
Aptly explained.

What they were accused of does not work in Nigeria besides what AbokiFx publishes were based on transactions people carried at different times of the day. This was very accurate with error margins at +/- 10 or lower.

CBN is just being reactive. The people are in a state of panic and as such any amount of USD pumped into the market are mopped up as fast as possible no matter the rate. This will continue to be the trend until people can walk into the banks or BDCs to buy forex for any quantity without scrutiny.

I wonder why it is so hard for CBN to realize this. We all see this happen with fuel scarcity naa. People panic buy fuel because they don't know when next they will get some. Immediately they see no queue at the stations, they stop panic buying and things become normalized. It is then you start seeing station attendants hustling drivers to come and buy fuel and or stations reduce their prices. Simpu sturve if you ask me.

You are very correct. CBN need to do more else, we will still be in trouble.

How will it rise when we are exporting NOTHING?

defash8:
AbokiFX is one of the speculators, CBN need to still find solution to others. The current stability in parallel market is just temporary, other speculators may soon start after a month or two.

CBN should drive eyeballs to their official page for people to have trust in exchange rates.

I concur other 7 monsters should be addressed AQAP.

The naira is not stable and unless you want to ban everyone from talking there is no practical way to enforce this plan to stop currency speculation.

https://www.premiumtimesng.com/news/top-news/489949-naira-in-another-record-fall-at-official-market.html

This administration has done enough,nobody trusts then anymore. They should just pack up and hand over to the next group of people.

Is it going to happen like magic? Is Nigeria producing and manufacturing its major needs?

Kindly click the link below and vote for Enugu Sme.. Many Thanks..


https://6.startupsouth.org/startup-awards-vote/